Soilbuild clinches contract for prime industrial site

The developer won the tender for parcels 2, 3 and 4 at Yishun Street 23/Yishun Avenue 9 with a S$64.01m bid.

The 60-year leasehold site is zoned under “Business 2” and is suitable for a ramp-up business space development with direct vehicular access. The plot is situated near the existing Yishun Industrial Park and offers easy access to the Central Expressway and Seletar Expressway. The project completion period for the site is 36 months from the date of tender acceptance by JTC.

With a site area of 46,548.90 square metres and a gross plot ratio of 2.5, the site can be developed into a business space with maximum gross floor area (“GFA”) of 116,372.25 square metres (1,252,631 square feet). Based on the maximum allowable GFA, the land cost is approximately S$550.06 per square metre per plot ratio.

In a statement, Soilbuild said the purchase will be funded by the Group’s internal resources and bank borrowings. “The Group does not expect any material financial impact on the consolidated net tangible assets per share and the consolidated earnings per share of Soilbuild for the current financial year ending 31 December 2010 arising from the transaction,” the company said.